ISLAMABAD – Much-awaited Pakistan Virtual Assets Regulatory Authority (PVARA), recently established to oversee digital assets, held its maiden board meeting and deliberated key measures to align its operations with international anti-money laundering and counter-terrorism financing standards.
The Virtual Assets Ordinance 2025 empowers this new body to license, regulate, and supervise virtual assets and allied service providers. Board of the body during meeting deliberated initiatives including aligning PVARA’s operations with international Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) standards. The Board also approved creation a complaint portal in collaboration with the National Cyber Crime Investigation Agency (NCCIA). The board also discussed withdrawing a 2018 circular from the State Bank of Pakistan. That circular had restricted financial institutions from dealing in virtual currencies.
A press release reveled the PVARA convened its inaugural board meeting in Islamabad, signaling a major step toward regulating virtual assets and embracing the digital economy. The meeting, presided over by PVARA Chairman Bilal bin Saqib, focused on key priorities to shape a robust framework for the sector.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, attended the session as a special invitee, hailing the Authority’s establishment as a “transformative milestone.” He underscored its critical role in positioning Pakistan as a leader in the global virtual assets economy and thanked the Pakistan Crypto Council (PCC) for its foundational work.
The board deliberated on several crucial initiatives, including aligning PVARA’s operations with international Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) standards. To accelerate progress, members agreed to form dedicated committees to focus on sandbox experimentation, taxation, regulatory drafting, and international engagement. A draft of a proposed licensing framework was also shared for consultation. In a move to enhance transparency and public trust, the Board approved the creation of a complaint portal in collaboration with the National Cyber Crime Investigation Agency (NCCIA). The board also discussed the withdrawal of a 2018 circular issued by the State Bank of Pakistan that had previously restricted financial institutions from dealing in virtual currencies.
Chairman Bilal bin Saqib stated that PVARA’s goal is to “safeguard financial integrity while fostering innovation, investment, and opportunity in the virtual assets space.” He added that the Authority aims to build domestic trust and enhance Pakistan’s global credibility as a forward-thinking player in the digital economy.
The meeting was attended by a high-profile group of officials, including Minister of State for Crypto and Blockchain and PVARA Chairman Bilal bin Saqib, the Governor of the State Bank of Pakistan, Federal Secretaries of the Ministries of IT and Law and Justice, Chairman of the Federal Board of Revenue (FBR), Chairman of the Securities and Exchange Commission of Pakistan (SECP), and representatives from the NCCIA.
